Due diligence is necessary before acquiring any property -ESV Chinyelu Egbe

By Mashe Umaru Gwamna

An Estate Surveyor and Valuer, ESV Chinyelu Egbe, said due diligence is necessary before acquiring any property .
ESV Egbe stated this yesterday, saying that it is very important for buyers to do due diligence before acquiring any property irrespective of who is selling.
According to her, presently, due to the economic challenge in the nation, most citizens are travelling out in search of greener pastures (Japa Syndrome).
“In order to raise sufficient funds, they sell their properties”.
She emphasized that people should be very careful because a quick scam is arising and it is becoming alarming.
She lamented that “ For those who do not have landed properties end up selling properties of their family members in their care and this is in addition to the scammers who are already in existence.
“Before any purchase of property is made irrespective of who is selling, it is advisable that one must seek the professional service of an Estate Surveyor and Valuer that will do its due diligence”, ESV Egbe said.
She furthermore explained that, there is need for due diligence on sellers and previous transactions through a background check on the seller.
“This includes their legal capacity to sell the property as well as a proper examination of all previous transactions related to the property for potential complications.
“Some of the services will include a thorough examination of the property’s title documents to ensure the authenticity, legality, and absence of encumbrances. “This includes checking for outstanding mortgages or liens, survey and physical inspection.
Valuation Analysis will be done by the Valuer to ascertain a comprehensive property valuation using appropriate methodologies to determine its market value”, she stated.
She also spoke of Infrastructure asessment which emphasis on the availability and condition of essential infrastructure such as roads, water supply, sewage, and electricity, as these factors impact property value.
“ Legal Compliance is also a major in all which ensure that the property complies with all relevant laws, including environmental regulations, building codes, and land use laws.
“The law says “ignorance of the law excuses no one (“ignorantia legis neminem excusat “) Buyers beware (“Caveat emptor”)”.
She said professional service of an Estate Surveyor and Valuer will eliminate such mishap and loss of funds and property.
“ By diligently addressing these aspects, you can mitigate risks, make informed decisions, and ensure a smooth and secure property acquisition process”.